CALGARY, Dec. 5, 2013 /CNW/ – PanTerra Resource Corp. (“PanTerra” or the “Company“) is pleased to announce that it has completed a 9.6 kilometer pipeline at its Tomahawk, Alberta project. The line is going through its initial start up phase and is expected to be fully operational by mid December. The pipeline will allow the Company to produce from a particular well that was drilled last year, but due to high Gas Oil Ratios, was shut-in. This will result in an increase in both oil and gas production net to PanTerra. The newly constructed line is also tied into all other current producers at Tomahawk and will allow the Company to collect and market solution gas that was formerly being flared. The new line is expected to bring in extra net incremental revenue to replace the net revenue the Company gave up in the sale of a portion of its Carrot Creek project earlier this year. The Company also sees the potential to drill more development locations along the new pipeline route as economics for these potential wells have been enhanced due to the Company’s ability to collect and market the solution gas. Further, the Company is in the process of licensing an Ostracod development location on its Tomahawk West property which consists of 13 sections of land recently acquired by PanTerra and its partner Insch Commodity Ltd.
About PanTerra
PanTerra is a diversified junior public oil and gas company listed on the TSX Venture Exchange (“TSXV“) under the symbol “PRC”, with holdings in both conventional and unconventional projects in Western Canada that have excellent optimization and exploitation potential. Company information can be found at: www.panterraresource.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PanTerra Resource Corp.
For further information:
Fred P. Rumak P.Geol.
President and C.E.O. at 403-261-5900
Email: fred@panterraresource.com
or
Jake Pronk P. Geol
V.P. Exploration at 403-261-5900
Email: jake@panterraresource.com